Ardmore Park unit made $7.05m profit, highest capital gain for resale condos in May 2023

Ardmore Park unit made $7.05m profit, highest capital gain for resale condos in May 2023
PHOTO: Ardmore Park

We've been covering monthly condo gains and losses for the past few months. Last month, we found that condo units that earned at least a 200 per cent gain in April 2023 were held for at least 15 years. On the other hand, 32 condo units were sold at a loss in the same month.

Last week, we focused on the capital gains of executive condo units that were sold on the resale market in May 2023.

Today, we'll be looking at the profitable condo transactions last month. We'll also do an article on the condo units that made a loss in the coming days, so stay tuned for that.

Condos sold in May 2023 made a profit averaging $470k

Based on URA data captured as of June 21, there were 820 condo units resold last month that made a capital gain, averaging around $470,000.

Interestingly, this is around the same average capital gain made by ECs that were resold in the same month. (Based on URA data captured as of June 21, the average capital gain made by ECs was around $473,000.)

But when we look closer at the capital gains of last month’s profitable transactions, the capital gains are more varied.

For instance, the highest capital gain recorded in May 2023 is a whopping $7,046,101 for a 2,885 sq ft unit at Ardmore Park. Bought in July 1996 for $5,853,899, the unit was sold 27 years later for $12.9 million last month. This works out to a capital gain of 120 per cent and an annualised gain of 2.97 per cent.

The Ardmore Park unit was held for 27 years before it was sold last month. PHOTO: 99.co

In recent years, the development is best known for its resident celebrity. Back in April 2020 (when Singapore had just started Circuit Breaker), Vicki Zhao and her husband bought a penthouse at Ardmore Park for nearly $28 million!

Meanwhile, at the other end of the spectrum, the lowest profit recorded last month was $1,100 for a 398 sq ft unit at Oceanfront Suites. The owner(s) had bought it around 10 years ago in June 2013 for $608,900, before selling it at $610,000 last month. This also means that the owners had only made a 0.2 per cent capital gain (or an annualised gain of 0.02 per cent).

Meanwhile, the Oceanfront Suites unit was held for 10 years before it was sold. PHOTO: 99.co

Top 10 gains made by condos in May 2023 (by quantum)

Figures (except floor area) in the table are rounded off to 3 significant figures.

Resale condos for sale

Condo name Region District Size (sqft) Purchase price and date Sale price and date Capital gain Years held  Annualised
Ardmore Park CCR 10 2,885 $5.85 million

July 1996

$12.9 million

May 2023

$7.05 million

120 per cent

27 2.97 per cent
Grange Infinite CCR 10  2,669 $3.3 million

April 2004

$8.88 million

May 2023

$5.58 million

169 per cent

19 5.35 per cent
Yong An Park CCR nine 7,719 $9.58 million

Feb 2008

$14.1 million

May 2023

$4.5 million 

47.0 per cent

15 2.60 per cent
Scotts Highpark CCR nine 4,112 $8.69 million

Jan 2007

$12.7 million

May 2023

$3.99 million

45.9 per cent

16  2.39 per cent
New Futura CCR nine 2,691 $9.13 million

Jan 2018

$12.5 million 

May 2023

$3.37 million

36.8 per cent

five 6.47 per cent
Casa Esperanza RCR 21 2,109 $1.2 million

Aug 2006

$3.7 million

May 2023

$2.5 million

208 per cent 

17 6.85 per cent
Pandan Valley RCR 21 2,325 $1.05 million

Sep 2002

$3.35 million

May 2023

$2.3 million

219 per cent

21 5.68 per cent
Clementi Park OCR 21 1,959 $1.05 million

Mar 2000

$3.18 million

May 2023

$2.13 million

203 per cent

23 4.94 per cent
Aspen Heights CCR nine 1,335 S$895k

Nov 1998

S$2.96m

May 2023

S$2.07m

231%

25 4.90%
The Blossomvale RCR 21 1,367 $898k

Jan 2007

$2.95 million

May 2023

$2.05 million

229 per cent

16 7.72 per cent

40 per cent of the top 10 condo gainers came from District 21

60 per cent of the top 10 condo gainers came from the Core Central Region (CCR). In fact, when we look closer at the data, the top five condo gainers were all from the CCR.

Specifically, these CCR units are located in District 9 and District 10, which are traditionally the prime areas in Singapore. Factors such as proximity to the city centre help support the price growth in these districts.

Nevertheless, there's still some opportunity for homeowners to earn a high capital gain outside the CCR.

Among the top 10 condo gainers last month, three units are located in the Rest of Central Region (RCR), while one is in the Outside Central Region (OCR).

But we should note that these four units are all located in District 21, which is at the north-west of Bukit Timah.

When we compare the price trends of resale condos in these three districts, we find that District 21 has seen the highest appreciation in the last 15 years at 109.67 per cent. This is followed by District 10 at 84.05 per cent and District 9 at 65.09 per cent.

Price trend of resale condos in Districts 9, 10 and 21 over the past 15 years. PHOTO: 99.co

90 per cent of the top 10 condo gainers were held for at least 15 years

Given the long holding period of most of these units, they were most probably bought for owner-occupation instead of property investment. The huge size of the units (at least 1,300 sq ft) signals this as well.

The only exception is the New Futura unit, which was sold after five years and made a capital gain of $3,365,200.

With its District 9 location (to be more specific, it's in River Valley), the unit was likely bought with property investment in mind.

For starters, it's within walking distance of two MRT stations: Somerset MRT and Great World MRT. In particular, the latter was only opened in late 2022 as part of Stage Three of the Thomson-East Coast Line. The increased connectivity in the area has made nearby condos such as New Futura more attractive to potential home buyers.

ALSO READ: Which types of condos were bought below $1m since the start of 2023?

This article was first published in 99.co.

homepage

trending

trending
    Taiwanese actress Esther Liu announces marriage and pregnancy
    'A quiet spot to hang out': Car enthusiasts mourn closure of '40 tiang' Lim Chu Kang Road
    Man returns stolen Jinro toad statue to restaurant after CCTV footage emerges
    Man who sued late mum's estate gets 38% share of rent for Yishun coffee shop over two decades
    McDonald's and Tokidoki to release limited-edition collectible charms from June 12
    Bus swayed uncontrollably and was speeding: Survivors of crash which killed 15 students in Malaysia describe terrifying moments
    Best fixed deposit rates in Singapore (June 2025): Minimum deposits from $500, rates up to 2.45%
    Singapore and Johor Regent Tunku Ismail to swop land plots near Botanic Gardens
    'Modern kampung spirit': Neighbours leave heartfelt notes on newly-weds' apology notice for wedding 'gatecrash' noise
    Maids working in households with kids must have immunity against measles: MOM
    Hello, oppas: South Korea's steamy musical Wild Wild is back in Singapore this June
    RM and V discharged from military service, Hybe headquarters decorated for BTS' return

Singapore

Singapore
    • Singaporean man arrested in JB for road rage and allegedly damaging another vehicle
    • 7 designs, 41 artists: NDP 2025 packs to feature artworks by people with disabilities
    • Tengah and Brickland to have 8 new bus services by end 2026: Jeffrey Siow
    • 'I suppose this will be my life': Geylang resident dismayed as neighbour blasts music past midnight
    • Teen, 16, convicted of rioting with deadly weapon after attacking victim at MRT station
    • Singaporean owner of defunct company barred from raising funds for charity after regulation breaches
    • Singapore women's football team withdraw from Asean Women's Championship
    • 'I will have nothing': Elderly hoarder in Bedok fears volunteers will throw away belongings
    • 2 women arrested for theft at Changi Airport transit area within an hour
    • I was 'overwhelmed': Gan Siow Huang apologises for delayed handshake at Cantonese culture festival

Entertainment

Entertainment
    • Gossip mill: K-stars roasted for making their mums wash dishes, Sammo Hung opens Douyin account, K-pop girl group's bodyguard chokes and shoves fan
    • Dramatic final showdown: Lee Byung-hun says Squid Game 3 will be 'intense'
    • Korean conglomerate heiress to debut in new K-pop co-ed group Allday Project
    • Ruby Lin strikes touristy Merlion pose in Singapore at Vivian Hsu's 'recommendation'
    • BTS members Jimin and Jungkook discharged from South Korea military
    • 50% savings, bigger house: Shaun Chen shares more on why he moved family to JB
    • Chris Evans disappointed he was not 'invited to the party' for Avengers: Doomsday
    • Kyra Sedgwick felt emotional shooting break-up scene with real-life husband Kevin Bacon for new movie
    • Jacky Cheung, Ayumi Hamasaki, CL: Singapore concert calendar for 2025
    • Sean 'Diddy' Combs' ex testifies he kicked, dragged her in attack last year

Lifestyle

Lifestyle
    • A taste of home: Burmese friends open cafe in Bras Basah selling authentic Myanmar cuisine
    • 'I'm doing all this from my heart': Senior volunteer on his love of helping the community for almost 30 years
    • Unable to bear children, she proposed annulment of marriage so he could start a family. He chose love
    • Pamper yourself on your next shopping trip with these exclusive deals
    • Polestar 3 Long Range Dual Motor Performance Pack review: Sporty electric SUV that's big in performance and price
    • 20 Father's Day 2025 deals and promotions: Dad dines free, Porsche test drive experience and more
    • More younger Singaporeans are getting Botox and collagen shots. How effective and safe are they?
    • Warning: These World Chocolate Day destinations might melt your heart (and tastebuds)
    • Today's norms, tomorrow's 'you did what?!' moments - 60 Singapore things we'll one day have to explain
    • Land Rover Defender lineup gets facelift

Digicult

Digicult
    • Slim, sleek, but slightly too short-lived: Samsung Galaxy S25 Edge review
    • World's best Dota 2 teams to compete for $1m prize pool in Singapore in November
    • Initiative by IMDA, AI Verify Foundation tests AI accuracy, trustworthiness in real-world scenarios
    • Under siege? Helldivers 2's latest city to be invaded by aliens could be spoof of Singapore
    • Honor 400 Series launches in Singapore with first free in-device AI image-to-video tool
    • Home Team humanoid robots to be deployed by mid-2027, $100m to be invested: Josephine Teo
    • Ado concert review: Singer without a face ignites fans while in cage with only silhouette visible
    • EU and US authorities take down malware network
    • Google Pixel 9a: The best AI-centric phone under $800 in 2025?
    • Western intelligence agencies warn spyware threat targeting Taiwan, Tibetan rights advocates

Money

Money
    • Best credit card promotions in Singapore (June 2025): Citibank, DBS, HSBC, UOB and more
    • Queenstown 5-room loft breaks national HDB record at $1.65m
    • The biggest misconceptions about buying property in Singapore's CCR in 2025
    • 9 best personal loans in Singapore with lowest interest rates (June 2025)
    • SG60 Baby Gift: What to expect if you're expecting
    • The surprising reasons some Singaporean buyers are choosing smaller condo units (even when they can afford more)
    • 'Thank you for your hard work': Scoot gives 4.91 months of bonus, shares on TikTok
    • US House plans quick action on Trump cuts to foreign aid spending
    • 4-room HDBs without million-dollar sales - where to still find value today
    • $1.16m for a 4-room HDB flat in Clementi? Why this integrated development commands premium prices

Latest

Latest
  • Zelenskiy denounces Russian attack on historic Kyiv cathedral
  • Labubu human-sized figure sells for over $193k at Beijing auction
  • Philippine Senate returns VP impeachment case to lower house hours after convening trial
  • Greta Thunberg says she was kidnapped in international waters
  • Taiwan indicts 4 suspected spies for China in case reaching presidential office
  • Qantas to close low-cost arm Jetstar Asia and cycle $419.4m of capital
  • Gunman kills at least 9 in attack on Austrian secondary school
  • Daily roundup: McDonald's and Tokidoki to release limited-edition collectible charms from June 12 — and other top stories today
  • Expanding missile threats and airspace closures are straining airlines

In Case You Missed It

In Case You Missed It
  • 40 Singaporeans going on 'Single's Inferno' trips to Japan to find love, minus the cameras
  • Mum of 6 who juggles 3 jobs starts free breakfast club for children in Ang Mo Kio
  • Government official impersonation scam: Syndicate received gold bars worth $500k, cash from victims
  • Queues at VEP application centres in Singapore, JB after news of enforcement from July 1
  • Wrong food delivery: Man 'feels unsafe', calls police
  • Malaysian woman apologises to 11-year-old daughter for 'only' spending $300k on her birthday
  • Boy, 4, caught smoking under a Bangkok bridge sent to government-run shelter
  • 'I feel incredibly honoured': Drum major who dreamed of role as teen leads Singapore Police Force Band in centennial celebration
  • Over 170 travellers nabbed for evading GST, smuggling large sums of cash in island-wide operation
This website is best viewed using the latest versions of web browsers.